EXIAR covers credit risks for SMEs
The Russian Agency for Export Credit and Investment Insurance (EXIAR) has provided insurance coverage for SME Bank (Vnesheconombank Group) and URALSIB Bank against the risks of loan default by a borrowing SME.
SME Bank and URALSIB Bank have concluded a pilot deal, in which URALSIB Bank has been allocated credit resources to support export-oriented SMEs. The credit transaction will also involve EXIAR's insurance coverage for risks associated with loans extended to SMEs by a partner bank.
SME Bank has opened a five-year, RUB 100 million line of credit for URALSIB Bank. Annual interest rates for SMEs will be less than 10%. Loans will be granted to SMEs to implement export contracts and develop their operations. This credit support is to focus on non-trade SMEs operating in sectors other than natural resources.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks.Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.